BCH Whales Drive 10% Decline Amid Aggressive Short Positioning
Bitcoin Cash (BCH) has seen a decline of roughly 10% over the past day, and analysis suggests that whale-sized orders dominated both its Spot and perpetual markets during this time.
The Average Order Size measure showed that in the futures market, it stood at 164.47, while in the spot market it was at 152.51, indicating a surge in order size.
However, according to data from CryptoQuant, the positioning split between Spot holds and Futures sells reveals that whales were more likely to have opened short positions on BCH within this period.
In fact, the Bitcoin Cash Open Interest Weighted Funding Rate has become extremely negative at -0.0244%, implying a majority of positions in the perpetual market are from sellers.
On the other hand, Spot Netflow Analysis shows active buying, with traders moving into holding on private wallets and a negative Netflow of -$3.45 million in the market.